审计需求保险假说成立吗？--来自中国资本市场的经验证据

摘要

Based on the audit theory of insurance hypothesis , the paper makes use of one latest law the Supreme People′s Court enact about the civil liability of auditor -“Regulations about the trial of cases about the auditor′s civil tort com-pensation liability ” -to perform an empirical test .The empirical results reveal that the cumulative abnormal rate of re-turn of audit clients′stocks price in the window of ten days is relative to company′s some audit characteristics:if audit u-nit is audited by the big -four accounting firms , if get standard audit opinion , and the bearing system risk .The results illustrate the insurance hypothesis of audit theory is largely true in the capital market of China , the audit service is condu-cive to the interest protection of investors .%本文以最高人民法院《关于审理涉及会计师事务所在审计业务活动中民事侵权赔偿案件的若干规定》的颁布为事件窗口进行实证检验，发现审计客户股票的十日累计超额收益率与审计单位是否由“四大”进行审计、是否获得“标准”审计意见、所承受的系统风险等因素显著相关，这说明中国资本市场上审计需求保险假说大致成立，审计已能为投资者提供一种保险的功能，有利于对投资者的利益保护。